MIRA INFORM REPORT

 

 

Report Date :

02.09.2014

 

IDENTIFICATION DETAILS

 

Name :

DRW CORPORATION

 

 

Registered Office :

Trust Company Complex, Ajeltake Road, Ajeltake Island Mh96960 Majuro, Marshall

 

 

Country :

Marshall Island

 

 

Date of Incorporation :

16.02.2007

 

 

Com. Reg. No.:

22370

 

 

Legal Form :

International Business Company

 

 

Line of Business :

Offshore company

 

 

No. of Employees

Not Available

 

RATING & COMMENTS

 

MIRA’s Rating :

Ca

 

RATING

STATUS

PROPOSED CREDIT LINE

11-25

Ca

Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity

Limited with full security

 

Status :

Offshore Company

Payment Behaviour :

Unknown

Litigation :

Clear

 

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

ECGC Country Risk Classification List – June 1, 2014

 

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

Marshall Island

C1

C2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

MARSHALL ISLAND ECONOMIC OVERVIEW

 

US assistance and lease payments for the use of Kwajalein Atoll as a US military base are the mainstay of this small island country. The Marshall Islands received roughly $1 billion in aid from the US during 1986-2001 under the original Compact of Free Association (Compact). In 2002 and 2003, the US and the Marshall Islands renegotiated the Compact's financial package for a 20-year period, from 2004 to 2024. Under the amended Compact, the Marshall Islands will receive roughly $1.5 billion in direct US assistance. Agricultural production, primarily subsistence, is concentrated on small farms; the most important commercial crops are coconuts and breadfruit. Industry is limited to handicrafts, tuna processing, and copra. Tourism holds some potential. The islands and atolls have few natural resources, and imports exceed exports. Under the amended Compact, the US is also funding, jointly with the Marshall Islands, a Trust Fund for the people of the Marshall Islands that will provide an income stream beyond 2024 when direct Compact aid is to end

 

Source : CIA

 

 

 

Company name and address

 

Ordered as:

DRW CORPORATION

Address in the order:

TRUST COMPANY COMPLEX, AJELTAKE ROAD, AJELTAKE ISLAND MH96960 MAJURO, MARSHALL

 

 

Legal Name:

DRW CORPORATION

Legal Address

Trust Company Complex,

Ajeltake Road

Postal Town

Ajeltake Island

Post Code

MH96960

Primary Geographic Area

Majuro

Country

MH

Location Status

Legal Address,

Telephone:

N.A.

Registration Number :

22370

Fax:

N.A.

Legal Form:

International Business Company

Email:

N.A.

Registered in:

MH

Website:

N.A.

Date Created:

2007

MANAGERS:

N.A.

Date Incorporated:

February 16, 2007

Staff:

0

Stock:

N.A.

 

 

Value:

N.A.

Activity:

Offshore company

 

 

DIRECTORS/MANAGEMENT

 

Management:

 

It is locally managed by the registered agent mentioned above.

 

The agent refused to provide any information on the company which is protected by the laws of non disclosure.

 

 

NEGATIVE INFORMATION

 

Legal Fillings

 The sources consulted record no detrimental legal or labor court information.

 

 

 

SHARE & SHARE CAPITAL INFORMATION

 

Shareholders - RELATED COMPANIES

Listed at the stock exchange:

 

NO

 

 

 

Shareholders Parent Company(ies):

 

The company is owned by foreign shareholders.

 

 

PAYMENT INFORMATION

 

Trade References:

 

In virtue of the nature of its business activities its local transactions are seldom. Therefore, commercial sources consulted in the marketplace report that they are unable to establish subject's payment performance and general reputation regarding commitments contracted as same it is UNKNOWN as making use of credit facilities.

 

PAYMENTS

 

made on a 20 days basis - monitored over the last 12 months

 


DEBT COLLECTIONS AND PAYMENTS

Public

NO

Payments

REGULAR

 

 

GROUP STRUCTURE & AFFILIATED COMPANIES

 

N/a

 

 

FINANCIAL INFORMATION

 

FINANCIALS - COMMERCIAL TRENDS AND FORECAST

As a private company the subject does not publish any financial statements.

However our financial sources could provide us with the following data.

Those figures are estimates provided by confidential banking and financial institutions working with the company.

 

Currency

DATE

USD

2013

Turnover

0

Operating Income

2 180 000

Net Income

2 180 000

Net worth

N.A.

Bank liabilities

0

The cash flow is

good

 


FINANCIAL SUMMARY

Profitability

GOOD

Indebtedness

NIL

Cash

GOOD

 

 

FOREIGN EXCHANGE RATES

 

N/a

 

 

ADDITIONAL INFORMATION

 

GEOPOLITICS - MARSHALL ISLANDS

POLITICAL DATA

ECONOMIC DATA

Form of Government: Republic


Economic Risk: Nil

Currency: USD

Branch Situation:Stable

 

BANKS

Name of the Bank

BAMI BANK

 

 

BUSINESS

 

PRINCIPAL ACTIVITY

At the address requested is located the office of The Trust Company of the Marshall Islands, which is the registered agent for all the foreign companies incorporated in the Marshall Islands.

 

From an interview with Tanya Lawson of The Trust Company of the Marshall Islands:

 

In accordance with the of the Trust Company of the Marshall Islands, Inc., The Republic of the Marshall Islands Registrar of Corporations, the above Corporation filed Articles of Incorporation on February 16, 2007 and remains an existing Corporation.

 

The registered address of the Corporation in the Marshall Islands is Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Marshall Islands MH96960. The name of the

corporation's registered agent at such address is The Trust Company of the Marshall Islands, Inc.

 

Pursuant to the Marshall Islands Business Corporations Act, Marshall Islands non-resident domestic corporations are not required to publicly file information with the Registrar of Corporations regarding the company's business activities, accounts, directors, officers, or shareholders. As such the Trust Company of the Marshall Islands, Inc. is unable to produce any such information.

 

DRW CORPORATION. is an International Business Company / Offshore Company incorporated in The Marshall Islands for tax purposes.

 

However the company does not carry any operation in The Marshall Islands.

 

It is not registered with The Marshall Islands Chamber of Commerce as being an active business.

 

It is not listed with The Marshall Islands yellow pages.

 

It is not listed with the major local credit bureaus.

 

The subject employs 0 employee(s)

Comments on staff:

 

The company does not have any employee in The Marshall Islands. It uses the registered agent staff.

 

 

Business Overview:

 

Business Licenses:

 

For a foreign investor to do business in the Marshall Islands as an individual, a partnership, a joint venture, or a corporation (domestic or foreign), the investor must first obtain a Foreign Investment Business License.

Application forms for a Foreign Investment Business License may be obtained from the Registrar of Foreign Investment in the Office of the Attorney General.

Applications are then reviewed by the sectoral Ministries and Agencies.

The process of review and approval normally takes no longer than four to six weeks (often less).

The National Government does not require foreign investors to obtain any other licenses, unless they are involved in regulated activities (e.g., the practice of law, the practice of medicine, banking, fishing, fishing base operation, etc.).

If a business entity has a Foreign Investment Business License, it need not obtain a business license from the local government in whose jurisdiction it operates for a period of one year from the date of issuance of the foreign investment license.

 

Foreign Corporations:

If an investor chooses to do business in the Marshall Islands through a foreign corporation, partnership, trust, unincorporated association, or other entity, he/she can file with the Registrar of Corporations an Application for Registration of a Foreign Entity to do Business in the Marshall Islands.

 

 

NOTES & COMMENTS

 

 

 Final Opinion

 

We are reporting an offshore company which belongs to foreign shareholders. Although it is registered in The Marshall Islands, it uses such territory only as its legal and administrative address, but all its operations are carried out abroad. It is managed by a resident registration agent and it is unknown in the marketplace, so its commercial morality and general reputation cannot be assessed, although nothing detrimental is noted upon subject.

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.60.47

UK Pound

1

Rs.100.42

Euro

1

Rs.79.39

 

INFORMATION DETAILS

 

Analysis Done by :

RAS

 

 

Report Prepared by :

NIS

 

               

RATING EXPLANATIONS

 

RATING

STATUS

PROPOSED CREDIT LINE

 

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

 

71-85

Aa

Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums

 

Large

 

56-70

A

Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums

 

Fairly Large

 

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

 

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

 

11-25

Ca

Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity

 

Limited with full security

 

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

Credit not recommended

 

--

NB

 

New Business

--

 

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

 

Financial condition (40%)            Ownership background (20%)                 Payment record (10%)

Credit history (10%)                    Market trend (10%)                                Operational size (10%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.